Dec 5, 2012 3:00am PST
the fiscal cliff. right after the election wall street dropped 5% when everybody suddenly focused on the fiscal cliff and realized that this was a problem. but since then it's kind of bumped along at this sort of level. i don't think wall street is at all sanguine about the idea that if we went over the fiscal cliff, life would go on as we know it and everything would be fine. >> one of the things that was really interesting to me to bear out that point is ken conrad yesterday who's been so down, i mean, he's leaving the senate. he's done this for seven years. they can't produce deals. and yesterday when i interviewed him, joe, he said i think we're going to make this. i think the boehner offer had significant indicators that something here is going on, and they're going to come together. >> also, kent conrad, a guy -- i've loved him for a long time, deficit hawk. they haven't allowed him to put a budget out for years. he's growing frustrated. i'm sure he's going to be glad to leave. but i was surprised by that as well. you see also, sam stein, republicans are now starting to real
Dec 6, 2012 1:00pm PST
? he was just re-elected. why couldn't he put together a package, a deal to avoid this disaster? >> i think this is a question of political leadership. and as that poll showed, there's no doubt that the president has the political advantage going into this. but at some point, and i think we're kind of getting close to it, the president has to be able to pivot and to say how do i turn this political advantage into a real policy accomplishment? and, wolf, i don't think you're going to do that with continued campaign style events like we just saw meeting with middle class families. okay. we get that. that occurred during the campaign. the white house has clearly gotten its message out. i think now there has to be a next step. you know, timing is everything in politics. and this is absolutely no different. what i'm getting from talking to some democrats on the hill is i think there's actually a lot of pent up anger and frustration among democrats how they feel republicans were obstructionist for the last four years. there's a little bit of payback going on here. they've got the advantage.